--------NEWS------------
NEW YORK--(BUSINESS WIRE)--Aug. 19, 1998--Tianrong Building
Material Holdings, Ltd. (OTC BB: TNRG) announced today that Tianrong
Sports will be the first of its previously announced three stock
dividend payouts. In each case, Tianrong Sports, Tianrong Defense
Technologies and Tianrong Medical Technologies, TNRG will spin-off 10%
of publicly traded stock in the subsidiaries to shareholders of TNRG
stock.
TNRG is now in the process of proceeding to have Tianrong Sports
fully audited so that proper submissions can be made to the Securities
and Exchange Commission in preparation for the stock dividend. TNRG
owns interests in a franchise of the United States Basketball League
(USBL) and in the Cavalcade of Boxing. TNRG has determined that both
the interests in the USBL franchise and in the Cavalcade of Boxing
will be placed in Tianrong Sports.
James Tilton, president of TNRG, stated: "It is always important
for a company to follow through on its promises to shareholders, but
it is particularly important for a young company with a new philosophy
to do so. This is why I consider it a first line priority for TNRG to
deliver on its goal of spinning-off a part of three separate
divisions. It is important for our loyal shareholders. It is important
for TNRG's credibility and it is important to help define the values
within TNRG."
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, which
are intended to be covered by the safe harbors created thereby.
Investors are cautioned that all forward-looking statements involve
risks and uncertainties, including, without limitation, the ability of
Tianrong Building Material Holdings to accomplish its stated plan of
business. Although Tianrong Building Material Holdings believes that
the assumptions underlying the forward-looking statements contained
herein are reasonable, any of the assumptions could be inaccurate,
and, therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to be accurate.
In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by Tianrong
Building Material Holdings or any other person that the objectives and
plans of Tianrong Building Material Holdings will be achieved.
For further information on Tianrong, contact James Tilton at
(212) 398-7833 or visit the website www.tnrg.com.
--30--mi/sf*
CONTACT: Tianrong Building Material Holdings, Ltd.
James Tilton, 212/398-7833
www.tnrg.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: SPORTS COMPUTERS/ELECTRONICS COMED REAL ESTATE
MEDICINE BUILDING/CONSTRUCTION
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